Standard Bank Backs 2023 Guidance
27 Novembro 2023 - 5:19AM
Dow Jones News
By Elena Vardon
Standard Bank Group confirmed its 2023 guidance after reporting
revenue growth for the first 10 months of the year.
The South African bank expects on-year banking revenue growth to
be robust with elevated cost growth, it said on Monday. It added
that it expects to deliver strong positive jaws as revenue is
growing faster than costs.
For the 10 months ended Oct. 31, the group said banking revenue
growth slowed but was still above 20% on the comparable period the
previous year, driven by both net interest and non-interest income.
Costs growth for the period was high but slower than the 16% it
reported in the first-half, it added.
"Lower demand, reduced affordability, and competitive pricing
pressure (particularly in mortgages in South Africa), resulted in
lower disbursements to retail and business clients and a slowdown
in growth in the related loan portfolios," it said.
The lender sees credit impairment charge growth moderating for
the second half and its credit loss ratio for the year to stay
within--but above the mid-point--of its through-the-cycle target
range of 70 basis points to 100 basis points. Return on equity is
seen within its 2025 target range of 17% to 20%, it added.
It said that its Africa regions unit contributed 44% to group
headline earnings for the first 10 months of the year.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
November 27, 2023 03:04 ET (08:04 GMT)
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